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Netflix Shares Plunge To 20-Month Low

Miami, UNITED STATES: A Netflix return mailer is pictured in Miami, Florida 16 January 2007. Netflix annouced it will start showing movies and TV episodes over the Internet, providing its subscribers with instant gratification as the DVD-by-mail service prepares for a technology shift that threatens the company's survival.(Robert Sullivan/AFP/Getty Images)

LOS GATOS (CBS/AP) – Netflix shares on Tuesday plunged to their lowest point in more than 20 months.

The latest sell-off came after Los Gatos-based Netflix Inc. raised $400 million by taking on more debt and selling more stock. That move intensified concerns about the public relations and competitive pressures facing the video subscription service.

Netflix shares dropped by $3.90, or 5.2 percent, to $70.57 in afternoon trading. It sagged as low as $69 earlier in the session. That’s the lowest it’s been since March 2010.